Social impact: what does it mean for SA businesses?

What does social impact mean for businesses in SA? This pertinent question will be a key topic of discussion at the 2023 Directors Event, hosted in association with BCX and the Sunday Times Top 100 Companies Awards. It's a conversation that may change how we view our contributions towards the wellbeing of our country.

I believe social impact for businesses refers to the intentional efforts made by companies to create positive and sustainable changes in the social, economic and environmental conditions of SA. It entails businesses identifying and addressing the unique social challenges and needs of our country, while also contributing to its development and wellbeing. 

Traditionally, the primary goal of a business has been to generate profits and create value for shareholders. However, there has been a growing recognition of the need for businesses to think beyond their financial bottom line and consider their impact on the broader community, environment and stakeholders.

We must recognise and acknowledge the important role that business has played in driving social impact to date. According to the Trialogue survey 2022, South African companies have spent about R10.9bn on social impact initiatives across various sectors. 

It is becoming more urgent for us in business to look outside our industry comfort zones. Social impact for South African businesses must extend beyond regulatory compliance and focus on proactively addressing the specific social challenges of the country. By aligning our business investments with the needs of society, businesses can contribute to the overall wellbeing and sustainable development of SA.

This alignment also provides the ability to extend resources to key issues such as job creation, socioeconomic inclusion, community development and environmental sustainability. 

At BCX, we recognise that innovation and technology can also play a role in driving social change. By developing and implementing innovative solutions, we can improve access to essential services, enhance efficiency and promote sustainable practices. This includes areas such as renewable energy, healthcare technologies, education platforms and financial inclusion solutions.

Accepting mutual responsibility is another key factor. Partnerships and collaboration can derive greater value and outcomes. By co-operating with various stakeholders, businesses, including government agencies, non-profit and civil society organisations, can amplify our social impact. Organisations can leverage their expertise, resources and networks by partnering with various entities to address complex social issues more effectively.

Through its sponsorship of the Director’s Event, BCX is helping to create a platform for South African leaders to have necessary conversations about the role that business can play in creating positive change and moving the dial on the challenges we face in the country.

The Directors Event — SA's Biggest Board Meeting — is taking place on June 9 from 9am to 12.30pm. Click here for more information and to register your virtual seat.

This article was sponsored by BCX.